Toronto lowrise home prices hit record high

More good news for the GTA housing market – especially if you already own a home: the price of a new lowrise home reached a new record high amidst strong sales this October, according to the Building Industry and Land Development Association (BILD).According to RealNet Canada Inc., BILD’s official source for new-home market intelligence, lowrise pricing reached $694,629, eclipsing the previous record set just one month prior.Highrise sales in October showed a moderate decrease of eight per cent, but remain on par with the 10-year average. The average price of a highrise home was up eight per cent to $455,535, as new projects across the GTA introduce larger suite sizes to accommodate consumer preference.RealNet figures for October showed that there were 1,886 new detached, semi-detached and townhomes sold across the GTA, which is up 27 per cent over October 2013 and 19 per cent above the 10-year average.BILD attributes the strong lowrise sales to a number of new project launches combined with high demand for ground-related housing in the GTA.“Building homes that people can afford to purchase is a significant challenge for our industry as it affects all current and future residents of the GTA,” says BILD president and CEO Bryan Tuckey. “With the gap between the two property types steadily widening, the dream of homeownership is drifting out of reach for many, especially for first-time buyers and new Canadians already challenged to save up for a down payment.”Escalating prices are a result of constrained land supply, an outdated planning approvals process and increasing government fees and charges across GTA municipalities, says Tuckey.Related readingHousing outlook for Toronto and Canada overall: full steam aheadNew home prices on the rise